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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Funding Rates Plunge To Most Extreme Territory

Christian Encila
Christian Encila
2 years ago
3 mins read
Ethereum

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Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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The highly-anticipated Ethereum merger is one topic that all hardcore crypto aficionados are talking about.

  •         ETH currently trades below the $1.6K level
  •         Ethereum price nosedives by 1.24% or trading at $1,570.76
  •         ETH liquidations trigger price spike

Investors are debating whether or not the price of Ethereum will reach $3,000 since it is on everyone’s mind and a topic of conversation.

When the Ethereum Blockchain and Beacon Chain fuse together on September 22, 2022, the Ethereum Blockchain will switch from Proof of Work mechanism to Proof of Stake.

As a result of this shift, Ethereum miners will use significantly less computing energy. That will lessen the impact on the environment and soothe some of the concerns about cryptocurrency.

Since hitting a record high price of $4,868 in November 2021, Ethereum has been slipping under a declining resistance line. Even as we went to press, ETH was trading below the $1.6k level and had experienced a new 2% fall.

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Source: CoinMarketCap

According to CoinMarketCap, ETH price has dipped by 9% in the last seven days, and trading at $1,550 as of this writing.

Ethereum Liquidations Trigger Price Spike

Traders’ skepticism of Ethereum is high during a week of trading that has been extremely erratic. The majority of investors have sold short (shorted) across exchanges for the first time since June 2021.

Notably, the funding rate drastically decreased on August 28 and 29. In fact, on August 31, even as we went to press, the rate remained stable.

A negative number meant that long traders were compensated more than short traders for holding onto their positions.

However, traders shouldn’t really give up because, in the past, such events have resulted in a price increase.

Price increases were common in these scenarios historically. A U-turn could be seen in the average financing rate, which stood barely above the $0 level, as it did at the time of writing.

Similar to how ETH might experience a price spike while the market is still too leveraged and liquidate a sizable volume of short positions.

More short positions are washed down as a result of these liquidations, which raise the price even higher.

Surge In Open Interest Validates ETH Popularity

However, not everyone believed that ETH would be able to get beyond the formidable $1.6k resistance barrier. As noted by renowned analyst Lark Davis, it actually coincided with the (potential) short-term decline.

Unquestionably a pessimistic narrative just before the Merge. Despite this, ETH’s demand won’t completely disappear overnight.

While Bitcoin investment goods witnessed a 7.16% decline to $17.4 billion in August, Ethereum investment products saw a gain of 2.36% to $6.81 billion in assets under management (AUM).

Furthermore, open interest is still surging in the options market, indicating that market participants are very interested in ETH.

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BTC total market cap at $188 billion on the daily chart | Source: TradingView.com

Source: Nenad Novaković - Unsplash, Chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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